Tether-supported pro-Trump PAC will spend over $100 million to support pro-crypto policy candidates

ChainCatcher news, the newly established super political action committee Fellowship PAC announced on Monday that it will spend over $100 million to support candidates advocating for pro-crypto policies. This is the latest initiative from the digital asset industry to overwhelm political opponents and push legislators in Washington to protect industry interests.

It is worth noting that this PAC is more inclined to ally with the Republican Party and former President Trump compared to the currently dominant super PAC in the crypto industry, Fairshake. According to filed documents, the financial officer of Fellowship PAC is an executive from Wall Street firm Cantor Fitzgerald, which was previously led by Secretary of Commerce Howard Lutnick.

According to two insiders, supporters of the organization are expected to include Tether, the world's largest stablecoin issuer. This foreign company recently established a U.S. entity, allowing it to provide funding to the super PAC. Tether has faced allegations of financial fraud and enabling platform crime, but has recently been actively building connections with the Trump administration, including hiring Bo Hines, who just left his position as Trump's crypto advisor last month, and working closely with Cantor Fitzgerald, operated by Lutnick's son.